Improve Your Credit

The 5+ best secured credit cards with low or no deposits

20 December 2017

A secured credit card can be incredibly helpful if you’re looking to improve your credit score. But to get one, you have to put down a security deposit — and that can put a crimp in your savings. (For more info, check out our guide to secured credit cards.)

Fortunately, a secured credit card doesn’t have to cost much if you pick the right one, and there’s even a secured credit card with no deposit. We’ve searched the market for you to find the top five secured credit cards with low or no deposit minimums.

Our Pick: OpenSky® Secured Visa® Credit Card

The OpenSky® Secured Visa® is great for people that are in need of simplicity with their credit card, need to build credit or improve a poor credit score.

Compare Secured Cards by Minimum Deposit

Card-by-card rundown

The DCU Visa Platinum is the rare secured card that requires no minimum deposit. For that reason, it’s the winner in our list of secured cards with low deposits.

You can get this card by joining the Digital Federal Credit Union. If you can’t meet DCU’s eligibility requirements, you can become eligible by joining Reach Out for Schools — a nonprofit that raises money for schools, school programs and education — for $10 at the same time you open a DCU account. Then, just fund your DCU savings account with a minimum of $5. In total, it’ll cost as little as $15 to open your secured card. Learn more about joining the DCU.

Light on the fees. No balance transfer, cash advance or foreign transaction fees.

Watch out for required membership with the Digital Federal Credit Union.

2. Capital One® Secured Card

As low as $49 minimum deposit

With the Capital One Secured Card, you may qualify to deposit only $49 or $99 and still get a $200 credit line. After you pay your bill on time for the first five months, you’ll automatically qualify for a higher credit line.

Card Details

Upfront cost. $49, $99 or $200, depending on your credit.

No annual fee.

Various minimum deposits. Depending on your credit, you’ll make a cash deposit of $49, $99 or $200 to activate your card.

Get an upgrade with timely payments. After you make your first five monthly payments on time, you’ll get a higher credit line.

3. Visa® Classic Secured by Justice FCU

$100 minimum deposit

The Visa Classic Secured requires a relatively low $100 minimum deposit. It also offers an intro APR, which is rare for secured credit cards. You’ll get 0% APR on purchases, balance transfers and cash advances for the first six months. On top of that, you won’t pay fees for balance transfers.

To apply for the card, you need to be a member of the Justice Federal Credit Union. If you don’t meet the criteria to become a member, you can satisfy that requirement by joining one of the credit union’s affiliate organizations — click here for a list of affiliates. Furthermore, you’ll need to make a $5 deposit to open a Justice FCU savings account. Learn more about joining the Justice FCU.

Late-fee leniency. You’re only assessed a late fee when you pay 10 or more days after your payment due date.

Watch out for required membership with Justice FCU.

4. Discover it® Secured Credit Card

$200 minimum deposit

The Discover it Secured Credit Card’s required deposit isn’t as low as the one for the DCU Visa Platinum, Capital One Secured or Justice FCU Secured.

But it definitely gives better rewards, like cash back — a percentage of money refunded on eligible purchases.

Card Details

Upfront cost. $200.

Cash back. Earn 2% cash back at restaurants and gas stations (up to $1,000 each quarter) and 1% on everything else.

First-year sweetener. Discover will match the cash back you earn in your first year.

Intro balance transfer APR. 10.99 for 6 months from date of first transfer.

Watch out for a high purchase APR and potentially limited acceptance.

5. Citi® Secured Mastercard®

$200 minimum deposit

The Citi Secured Mastercard is a solid secured card that requires only a $200 minimum deposit. It’s not loaded with features, but it does include Mastercard benefits like travel benefits and purchase protection.

Frequently asked questions about secured cards

Most of the time, your provider won’t pay interest on your security deposit.

Yes. You can use it like any other credit card, as long as you stay within your credit limit.

Many secured-card providers will check your credit. For that reason, you may be declined if your credit score is too low. If you’re declined for a secured card, consider applying with a provider that doesn’t check your credit.

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